Farmers Trust Co. Sells 1,347 Shares of Bank of America Co. (NYSE:BAC)

Farmers Trust Co. decreased its position in Bank of America Co. (NYSE:BAC) by 7.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,376 shares of the financial services provider’s stock after selling 1,347 shares during the period. Farmers Trust Co.’s holdings in Bank of America were worth $621,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Livelsberger Financial Advisory purchased a new position in Bank of America in the 4th quarter worth about $28,000. Fortis Group Advisors LLC purchased a new position in Bank of America in the 3rd quarter worth about $25,000. Criterion Capital Advisors LLC purchased a new position in Bank of America in the 4th quarter worth about $32,000. Mark Sheptoff Financial Planning LLC raised its position in Bank of America by 431.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 1,062 shares of the financial services provider’s stock worth $36,000 after buying an additional 862 shares during the last quarter. Finally, ZRC Wealth Management LLC raised its position in Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after buying an additional 750 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Trading Up 0.0 %

BAC stock opened at $40.00 on Friday. Bank of America Co. has a 1-year low of $24.96 and a 1-year high of $40.31. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market capitalization of $312.81 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.78 and a beta of 1.36. The business has a 50 day simple moving average of $38.46 and a two-hundred day simple moving average of $35.69.

Bank of America (NYSE:BAC) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. Research analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.40%. Bank of America’s dividend payout ratio is currently 33.22%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised Bank of America from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $37.00 to $46.00 in a research report on Friday, June 14th. Citigroup upped their price target on shares of Bank of America from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Evercore ISI upped their price target on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Piper Sandler upped their price target on shares of Bank of America from $35.00 to $37.00 and gave the company an “underweight” rating in a research report on Tuesday, June 4th. Finally, Jefferies Financial Group upped their price target on shares of Bank of America from $36.00 to $39.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $39.79.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.